In 2023, Belgium led European R&D expenditure in financial services and insurance, with expenditure at 0.12% of GDP, increasing significantly by 9.97% year-over-year. Portugal followed at 0.06% with a 6.89% rise. Conversely, Finland, Sweden, and Poland showed notable declines, with Sweden dropping by 7.09%. Countries like Italy and the Czech Republic demonstrated positive growth, while Croatia and Malta had no change. The steady growth in some nations alongside declines in others presents a mixed but dynamic landscape for R&D expenditure in the sector.
Future trends to watch include potential shifts in focus towards digital transformation and sustainability, which could drive R&D investments across European countries. Additionally, geopolitical and economic changes in the region might influence variations in expenditure, with countries potentially redirecting strategies to remain competitive within the financial services sector.
Top countries in Business Expenditure on R&D in Financial Services and Insurance by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Belgium | 0.12 | 2023 | +6.25% | +9.97% | View data |
| 2 | 2 Portugal | 0.06 | 2023 | 0% | +6.89% | View data |
| 3 | 3 Finland | 0.041 | 2023 | +2.5% | -1.84% | View data |
| 4 | 4 Sweden | 0.027 | 2023 | -6.9% | -7.09% | View data |
| 5 | 5 Poland | 0.026 | 2023 | 0% | -3.46% | View data |
| 6 | 6 Italy | 0.02 | 2023 | +5.26% | +3.3% | View data |
| 7 | 7 Hungary | 0.018 | 2021 | View data | ||
| 8 | 8 Bosnia and Herzegovina | 0.018 | 2021 | View data | ||
| 9 | 9 Czech Republic | 0.016 | 2023 | 0% | +4.24% | View data |
| 10 | 10 Spain | 0.013 | 2021 | View data |
